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Armageddon Thread (merged)
Re: World was hours away from global economic armageddon
by shady28 » Tue 10 Feb 2009, 22:38:38
$this->bbcode_second_pass_quote('bratticus', '')$this->bbcode_second_pass_quote('turner', 'W')hy is this guy Chair of the Capital Mkts Subcommittee if he is 'not any genius in economics and finance'?
Probably because nobody else stepped up to the plate.
Because he is an elected official, in other words a professional politician, not a professional economist.
Welcome to the Kondratieff Winter
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shady28 - Coal
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Re: World was hours away from global economic armageddon
by drgoodword » Thu 12 Feb 2009, 10:11:51
From The New York Post
$this->bbcode_second_pass_quote('', '[')b]ALMOST ARMAGEDDON
Markets Were 500 Trades From A Meltdown
By MICHAEL GRAY
September 21, 2008
The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level--a 22 percent decline!--while the clang of the opening bell was still echoing around the cavernous exchange floor.
According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
<snip>
Hours after Paulson made his round of calls to calm the industry, word leaked out that an added $1 trillion bailout of banks was being readied. Investors cheered. At about 3 p.m., news of the plans was filtering up and down Wall Street, fueling a 700-point advance in the Dow Jones industrial average through 4 p.m. Friday.
By that time, Paulson had announced the plan. It included insurance on money market accounts, a move that started in quiet Thursday morning, when the former Goldman Sachs executive saved the country from a paralyzing meltdown.
$this->bbcode_second_pass_quote('', '[')b]ALMOST ARMAGEDDON
Markets Were 500 Trades From A Meltdown
By MICHAEL GRAY
September 21, 2008
The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level--a 22 percent decline!--while the clang of the opening bell was still echoing around the cavernous exchange floor.
According to traders, who spoke on the condition of anonymity, money market funds were inundated with $500 billion in sell orders prior to the opening. The total money-market capitalization was roughly $4 trillion that morning.
<snip>
Hours after Paulson made his round of calls to calm the industry, word leaked out that an added $1 trillion bailout of banks was being readied. Investors cheered. At about 3 p.m., news of the plans was filtering up and down Wall Street, fueling a 700-point advance in the Dow Jones industrial average through 4 p.m. Friday.
By that time, Paulson had announced the plan. It included insurance on money market accounts, a move that started in quiet Thursday morning, when the former Goldman Sachs executive saved the country from a paralyzing meltdown.
The rest of the article has a lot of good detail. Worth the read.
- drgoodword
Re: World was hours away from global economic armageddon
by deMolay » Thu 12 Feb 2009, 13:05:46
Which country will the new Foreign Secretary Clinton visit first. China. What other country is heavily invested in the USA. Saudi Arabia.
"We Are All Travellers, From The Sweet Grass To The Packing House, From Birth To Death, We Wander Between The Two Eternities". An Old Cowboy.
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